PCTE organises workshop on GST & it's implication on Business

Ludhiana, March 1, 2017: Department of Commerce, PCTE organised a one-day workshop on Goods and Services Tax (GST) and its implication on business. The keynote speakers for the occasion were Rohit Chawla (Branch Manager, Tally Solutions Pvt.Ltd.); Sunny Sharma (Sales Manager, Tally Solutions Pvt.Ltd.) and Parnmod Gaba (5 Star Sales/Implementation Partner Tally Solutions Pvt.Ltd.).

The speakers conducted a helpful session for the business background students focusing on GST, which is going to be implemented by July 1, 2017 under the current government. It covered various aspects like how GST will affect business and made students understand the importance of maintaining accounts properly and comply with GST to make sure that one has a business advantage in the market.

One of the speakers Rohit Chawla said, “GST entails a marked shift from origin-based taxation to a destination-based tax structure, affecting the various facets of business such as profitability, cash flow, sourcing, pricing, supply chain and Enterprise Resource Planning (ERP) systems. We’re here to interact with the future businessmen and entrepreneurs. It is very important for the youth to know how GST will be a destination based tax levied on all supplies and will eliminate cascading effect.”

Another speaker Sunny Sharma said, “The inevitable business transformation triggered by GST would entail identifying, addressing and leveraging various tax and business drivers including taxability and rates, exemptions and concessions, cash flow and refunds, supply chain network, governing rules and regulations and compliance framework. Over the last thirty years, Tally has been at the forefront of helping businesses with their accounting needs and following the law of the land. All those who will be using this product will be at advantage when it comes to transitioning smoothly to GST.”

On organizing this workshop, Dr. Gautam Bansal, Dean shared, “GST is one of the hot topics in India that would change the working of business as well as economy in near future. Hence, in order to make youth aware of this important topic, this workshop was conducted. The students had a great interactive session and also cleared various queries.”

Dr. K N S Kang, Director General PCTE Group of Institutes said, “While GST is new to everyone, it is very important that one get a basic understanding of the law and its impact on business. This workshop was conducted to make students understand GST and what they can do to prepare for it. Such workshops play an important role in overall understanding of the concept for the young generation.”